"We can extend the boom, and make the bust more difficult," Hoenig said at a panel discussion on food prices at Purdue University.
He said that interest rates can't stay near zero forever, and that investment in farmland is "gambling."
Hoenig, scheduled to give a lecture later Friday, also said that worries about inflation should extend beyond the core Consumer Price Index, which doesn't include food or energy.
"I think it is an error to look at just core inflation, except for a very short period of time," he said.
Source: http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201104151205dowjonesdjonline000433&title=hoenigfed-stimulus-policies-exacerbate-ag-commodity-inflation